The cost of the alternative is basically how value is defined in economic theory. Similar to the term "opportunity cost". There doesn't seem to be a better wa

The cost of the alternative is basically how value is defined in economic theory. Similar to the term "opportunity cost". There doesn't seem to be a better way to define value. You could say it's the subjective intrinsic value customer places on the item/service. But if you try to quantify that, you're left looking at the value of the things he's willing to give up to obtain it.